Codes, Standards & Guidelines

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An integral part of the CFA Institute mission is to develop and administer codes, best practice guidelines, and standards that guide the investment industry and help ensure all investment professionals place client interests first.

Code of Ethics and Standards of Professional Conduct

The foundation of our work is the CFA Institute Code of Ethics and Standards of Professional Conduct. We refer to it as the Code and Standards. We expect all CFA Institute members and candidates to sign the statement and adhere to this code.

Global Investment Performance Standards

The GIPS® standards are a set of industry-wide principles that guide investment firms on how to calculate and report their investment results to prospective clients. We encourage firms to voluntarily adopt these standards.

Asset Manager Code

We offer the voluntary CFA Institute Asset Manager Code to help asset managers practice ethical principles that put client interests first. By helping investors identify asset managers who have committed to high standards of professional conduct, we are building the integrity of the investment industry.

Research Objectivity Standards

Trade Management Guidelines

The CFA Institute Trade Management Guidelines help investment firms, investment professionals, and investors better understand the complexities of "best execution," the trading process that maximizes the value of a client's portfolio.

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